Bare Essentials
Are you looking to become financially independent? Would you like to be not only independent from parents and loved ones, but financially independent from your job as well? It’s possible, but it does take a good amount of planning and sacrifice. However, he benefits, like having complete control over where you go and what you do, are definitely worth it, at least for some people.
The trick to becoming completely financially independent is to save up and invest enough money to get to the point where you can live comfortably off of your investments alone and no longer need income from your day job to take care of your day-to-day expenses. Sound impossible? It’s not.
The first thing you need to do is to find a day job. It doesn’t necessarily have to be something you enjoy, but it helps. The main component, however, is money. Get the best paying job you can stand to keep for ten years or so and start raking in as much cash as you can. The second step is to find a good investment banker. Talk to a number of investment firms to see who you like the most, and be sure to find an investment banker that you want to work with for a long time. A good broker can make more money than you can make for yourself; investing your own money in the stock market is extremely risky unless you have a good idea of what you’re doing.
Finally, once you have a broker and a day job, you need to take care of the tough part: stripping your life down to its bare essentials. “Bare essentials” doesn’t mean that you’ll be eating bread and water every day for ten years, but it does mean that you’ll have to do without luxury items, especially things that cost you a great deal of money on a monthly basis. Getting rid of your car, cable TV, and a cell phone can mean saving hundreds of dollars every month. Whenever you make a purchase, as yourself “is this a bare essential?” Could you handle living in a smaller apartment? Make coffee at home instead of going to Starbucks. Cook at home instead of eating out. Buy clothes that are classic and won’t go out of style at consignment stores instead of getting a new wardrobe every year.
If you trim your day to day living down to its bare essentials, you’ll save thousands of dollars every month. Those thousands, if properly invested, will make you thousands more. By trimming your expenses down to their bare essentials you can be financially independent within ten years, allowing yourself to pursue your dreams freely, whatever they may be.
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